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I am from how to taxes and I'm here to help you fill out your form 1040 for 2019 this is the top portion of form 1040 at the top of the form check your filing status in our example you are single but if you are one of the other filing statuses this video will still be helpful put your name address and social security number on the form under the standard deduction aged blindness section check any boxes that are applicable to you and if you had dependents put down the information that is requested this is still page one it is the bottom portion of the form on line one put your wage information you can find this in box one of your form w2 sent to you by your employer in our example it is 49 thousand nine hundred which your interest on line two in your dividends on line three the form that the institution reports these on is form 1099 in our example you had toxsa ball interest of one hundred dollars so that goes on line to be note that if you had interest or dividends of fifteen hundred or more you would be required to fill out Schedule B and attach it to your return schedule be generally request that you put the institution and the amount of each interest or dividend on line four put your IRA pension and annuity distributions these are reported on form 1099 are from the institution on line five a put your social security benefits Social Security is not always taxable I did make a video that will help you determine when it is taxable and when it does not I will attach the link to the bottom of this video and you can refer to it if it will be helpful on line 6 put your capital gain or loss an example of this would be when you sell stock on line 7a put any other income that you received during 2019 and also report this on Schedule one common examples of other income would be alimony received Schedule C which is business income when you're so proprietor rental real estate income farm income and unemployment compensation in our example we didn't have any so line 7a would be 0 total down your total income to line on line 7 B which would be 50,000 on line 8a put any adjustments that you had to income and also report these on Schedule one common adjustments would be student loan interest an IRA deduction a health savings account deduction or a deduction from self-employment income again this is zero on our return so your adjusted gross income in this example would be 50,000 on line 8b on line 9 put your standard deduction or your itemized deductions you can see what your standard deduction would be based on your filing status in the Box to the left since you were single it would be twelve thousand two hundred note that if you are a dependent of another you have to calculate your standard deduction on a worksheet that the IRS provides I do have a video on this and again I will attach the link in case you want to refer to it if your itemized deductions we're gonna exceed your standard deduction you'd want to fill out Schedule A and attach that to the return common itemized deductions but this is not all-inclusive our charitable contributions property taxes in mortgage interest line 10 is qualified business income deduction performing services as an employee is not considered business income for this deduction so it would be zero in our example this would change if you were a statutory employee if you were a statutory employee that box would be checked on your form w2 the difference between a regular employee in a statutory one is that a statutory one is really in business for themselves total your deductions on line 11 8 a which would be twelve thousand two hundred your taxable income would be thirty-seven thousand eight hundred on line 11 B on line 12 a we will calculate your tax you can find the tax tables beginning on page 62 of the Form 1040 instructions since you made at least thirty seven thousand eight hundred but less than thirty seven thousand eight fifty your tax would be four thousand three forty five since you are single put that on line twelve a of the return and carried over to line twelve be on line thirteen a if you have a child tax credit this would be where that would be reported and on line thirteen be on Schedule three you can find common credits like the credit for child care expenses and the education credit in this video I am assuming that you were pursuing an undergraduate degree and going to school full-time and so on this video you are claiming the American Opportunity Tax Credit this video is not meant to be a video on the tax credit so I'm not going through the tests that you would need to meet for each type of credit but I am including the form 88 63 and the appropriate schedules that you would include on your return if you're claiming the American Opportunity Credit if you need to pause this video to see it more completely please do so but I'm gonna go through it quickly so if you're not claiming this it's not gonna take too long the American Opportunity Credit is broken down into two parts the refundable part in the non-refundable part the non-refundable part goes against your taxes and the refundable part gets added to your withholding you will receive a form 1098-t from your educational institution and that will help you fill out the questions on part 3 I have broken the 88 63 into parts so that it could be easier viewed on this video and this part is showing the American Opportunity Credit note that if you are being claimed at the dependent on another's return you cannot take the credit on your return but it would go on that person's return the person that is claiming you as a dependent you also need to include schedule 3 with the form 88 63 and this shows the non-refundable part so the non-refundable part is $1500 and that goes on line 13 be subtract that from line 12 be to come up with 28 45 on line 14 and on line 16 if you had other taxes these would be reported on line 15 an example of other taxes taxes would be self-employment tax on line 17 put your federal income tax withheld you can find this in box 2 of form w-2 sent to you by your employer note that there's also withholding amounts in boxes for in six for Medicare and Social Security these do not go on your federal income tax return in our example the amount in box two was two thousand so that goes on line 17 line 18 lists out the refundable credits that you can claim on your return the very first one is Earned Income Credit I do have a video on the Earned Income Credit so you can see if you qualify and I will attach the link at the bottom of this video line 18 B is the additional child tax credit in 18 C is the American Opportunity Credit this is the refundable part that gets added to your withholding this was a thousand dollars add that to your opposing to come up with total payments of three thousand on your return since we have an overpayment that will go on line 20 it is $55 and since you'd want that refunded to you we will put this on line 21 a if you want it directly deposited into your account put your routing and account information down and check the type of account that you have if you don't want it deposited into your account cross off lines B and G and the IRS will send you a check directly note that there's a box to the left of line 21 a and it says to check this if you're attaching form 8888 you would only do this if you wanted your refund to be deposited into more than one account so this is typically left blank sign date and put your occupation at the bottom of the form I hope this was a helpful overview of taxes thank you for watching I am from how to taxes subscribe for future videos and tax tips